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    Federico Merendi • Bank of America

    Federico Merendi's questions to Ford Motor Co (F) leadership

    Federico Merendi's questions to Ford Motor Co (F) leadership • Q2 2025

    Question

    Federico Merendi inquired about how Ford balances its EV capital investments across different global regions with varying regulations. He also asked about the expected customer reaction to Ford re-contenting vehicles by making previously standard features optional to mitigate tariff costs.

    Answer

    CEO James Farley outlined a region-specific EV strategy, focusing on small commuter and commercial EVs in the U.S. while relying on global partnerships for platforms that are quickly commoditizing. Regarding vehicle content, President Andrew Frick explained that decisions are based on customer data and utilization rates to balance features with cost improvements, while closely monitoring competitors.

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    Federico Merendi's questions to Lithia Motors Inc (LAD) leadership

    Federico Merendi's questions to Lithia Motors Inc (LAD) leadership • Q2 2025

    Question

    Federico Merendi from Bank of America inquired about the path to achieving the long-term 55% SG&A target, asking how much larger the company needs to be. He also requested an update on omnichannel initiatives and their performance relative to competitors.

    Answer

    President & CEO Bryan DeBoer outlined a multi-year path to the SG&A target, driven by productivity gains from technology rather than just scale, focusing on support staff in sales and service. On omnichannel, he reported that over 25.5% of vehicles were sold via omnichannel sources, with the Driveway channel attracting over 97% new customers to the ecosystem.

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    Federico Merendi's questions to Asbury Automotive Group Inc (ABG) leadership

    Federico Merendi's questions to Asbury Automotive Group Inc (ABG) leadership • Q2 2025

    Question

    Federico Merendi from Bank of America asked about the specific initiatives driving Asbury's strong SG&A performance and how the company plans to manage SG&A leverage if new vehicle volumes decline in the second half of the year.

    Answer

    SVP & CFO Michael Welch attributed the strong SG&A control to a disciplined focus on employee productivity and headcount management, noting the reported figure included $2 million in Techeon conversion costs. He explained that if volumes decline, the company's variable, commission-based cost structure provides a natural hedge, which is why management is confident in its mid-60s SG&A guidance for the year.

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    Federico Merendi's questions to Group 1 Automotive Inc (GPI) leadership

    Federico Merendi's questions to Group 1 Automotive Inc (GPI) leadership • Q2 2025

    Question

    Federico Merendi of Bank of America inquired about the potential for OEMs to make standard features optional for model year '26 and asked for the gross profit contribution of an incremental technician.

    Answer

    CEO Daryl Kenningham confirmed it is highly likely that OEMs will adjust contenting and make some standard features optional to manage pricing amidst tariff impacts. He also quantified the value of a technician, stating that on average, one technician generates about $15,000 in gross profit per month for the company.

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    Federico Merendi's questions to Phinia Inc (PHIN) leadership

    Federico Merendi's questions to Phinia Inc (PHIN) leadership • Q1 2025

    Question

    Federico Merendi inquired about the commercial vehicle environment, including the impact of reduced imports from China and potential U.S. tariffs on heavy-duty trucks. He also asked about the outlook for capital returns, specifically share buybacks, given the market uncertainty.

    Answer

    CEO Brady Ericson stated that the lack of a CV pre-buy is already factored into guidance and that PHINIA has no exposure to tariffs on CV products exported from China to North America. He commented that potential new tariffs on heavy-duty trucks are 'anyone's guess.' Regarding capital returns, he reiterated that the company evaluates its options quarterly, balancing M&A and buybacks, and reminded listeners of the 20% share repurchase limitation under the tax matters agreement, which is set to expire in July.

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    Federico Merendi's questions to Luminar Technologies Inc (LAZR) leadership

    Federico Merendi's questions to Luminar Technologies Inc (LAZR) leadership • Q4 2024

    Question

    Federico Merendi from Bank of America questioned the 2025 cash burn, the path to profitability post-2026, and how the company plans to mitigate tariff risks associated with its Asian manufacturing footprint.

    Answer

    CFO Tom Fennimore confirmed the cash burn math was generally accurate and stated that reaching profitability in 2026 might be too soon, as it depends on getting Halo to market. He noted they are working to reduce the additional $100M capital need. Regarding tariffs, Fennimore explained the situation is fluid but the impact is currently expected to be modest. CEO Austin Russell added that TPK is Taiwanese and highlighted Luminar's global footprint (including Thailand and Mexico) provides flexibility to adapt to geopolitical and trade shifts.

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